December Monthly Commentary
US equities continued to march upward in December, shrugging off an appreciating dollar and a rate hike from the Federal Reserve. The S&P 500 gained 2.0% on the month, racking up returns of 12.0% in 2016; the Russell 2000 gained 2.8% in December and 21.3% for the year. International developed equities were also in the […]
November Monthly Commentary
Equities confounded expectations, touching record highs in November, even as an unexpected outcome to the US presidential election heightened global uncertainties. The S&P 500 Index returned 3.7% last month, surpassing the 2200 price level for the first time on November 22; the Russell 2000 Index gained 5.9%, driven by a surge in value stocks. This […]
October Monthly Commentary
US equities sold off in October ahead of the presidential elections on November 8. The S&P 500 lost 1.8% on the month and the Russell 2000 fell 4.8% amid lackluster earnings reports. Emerging market equities eked out modest gains generated partially by continued capital inflows. International developed-market equities were in the black but currency depreciation […]
September Monthly Commentary
Equities posted modest gains in September amid oscillating investor sentiment fueled by uncertainty around potential interest rate hikes by the Federal Reserve. Earlier last month, Boston Fed President Eric Rosengren surprised markets with a more hawkish view regarding future interest rate increases. In response, stocks sold off but subsequently rebounded as the Fed confirmed that […]
August Monthly Commentary
Coming on the heels of a rally in July, equities posted modest returns in August as volatility hovered around historic lows. In the US, small-cap stocks marginally outperformed large-cap equities, with the Russell 2000 returning 1.8% last month compared to the S&P 500’s 0.1% gain. Equities in developed markets also posted moderate returns. The MSCI […]
Nonprofit Organizations: Annual Audit Survival Guide
Many nonprofit organizations are recognized under section 501(c)(3) of the Internal Revenue Code (IRS) and therefore considered exempt from paying federal income taxes. Despite this reprieve, federal and most state governments levy several other “taxes” on nonprofit organizations resources in the form of financial regulation, including but not limited to the dreaded annual financial statement […]
July Monthly Commentary
After a rocky end to the second quarter, global equities bounced back in July and posted gains in most major markets. As Brexit shockwaves dissipated, equity volatility subsided and international equities surged amid a supportive central banking backdrop. The MSCI EAFE returned 5.1% as the European Central Bank and Bank of Japan both continued expansive […]
Brexit…What Now?
In addition to the monthly commentary provided by our consultants, NEPC, here are some of their thoughts on Brexit. The outcome of the United Kingdom’s referendum to leave the European Union has stunned forecasters and market participants. Markets responded in dramatic fashion today with Local European and UK equities down 7% and 3% respectively. Currencies fell […]
June Monthly Commentary
Global equity market returns in June were marked by anticipation of and then fallout from Britain’s referendum to exit the European Union. Leading up to the vote investors expressed cautious optimism as polls remained tight but markets were mostly pricing in a “Remain” outcome. As of June 23rd the MSCI EAFE was up 1.3% and both the […]
May Monthly Commentary
US equity returns were modestly positive in May as investors digested mostly lukewarm economic data. The S&P 500 returned 1.8% and the Russell 2000 gained 2.3% on the month. The month began with investors speculating the Federal Open Market Committee might raise rates in June however this expectation was quickly quelled as US job growth numbers […]